Member Info for MoreThanMe

Very happy to be able to pick up another tranche sub 8p.

With CNNC investing US$321.5m in Bannerman's Etango for a 42.75% stake of the Etango mine, it is only a matter of time before strategic players start running the ruler over Tiris.

Interesting that there were no SPUT purchases yesterday, yet SPUT still raised $39.5m building their cash position to $360.8m.

Even with uranium prices at $100, $360m is enough to buy ~2% of annual supply, or the annual output of a decent sized greenfield project like Etango or Tumas.

$97 / $101 Numerco with mid price at $99

SPUT issued 9.6m units in Tuesdays trading session to raise $214m, brought 500k lbs of uranium and the trust now has a cash balance of $323m.

I think there are 2 types of investors that look at Aura (in its current structure) that have 2 different views:

- Investors looking for uranium exposure on the Mauritania Tiris project, but see the Swedish assets as a distracting side project and attribute no value to it in their investment decision and worry that it will distract the company from developing Tiris.

- Investors that are looking for Swedish uranium exposure, who see the Mauritania Tiris project close to FID and don't want that exposure so choose not to invest and pick District instead.

The result, we have investors confused with the company's direction and strategy, have no valuation for the Swedish assets and a lower valuation for the Tiris assets vs peers at USD$1.38/lb of uranium.

After we spin out the Swedish assets, the investment thesis for both investor types dramatically improves:

- Investors interested in Tiris see a company solely focused on developing the project and executing on FID that has a potential fund source in the monetization of the companies ownership of the SIU Metals/Haggan TSX listed vehicle and start to value the company closer to peers.

- Investors interested in Swedish uranium exposure see a pure play advanced project trading at 25% of the valuation of less advanced peers (District) and are happy to invest now and push the valuation closer to that of District.

Sum of the resulting parts:

- Tiris: Take Aura's closest peers (Bannerman and Deep Yellow) and the average valuation for a lb of uranium they have delineated in the ground at USD$3/lb and attribute this valuation to Tiris and we have 3*91.3mlb = USD$273.9m

- SIU Metals/Haggan: Assuming a C$200m (USD$145) valuation and Aura still retains 78.7%, giving a valuation for Aura's holding at USD$114

- In total this is a valuation of USD$388) (A$566m) and with 891m shares this gives a potential valuation of A$0.635, a potential 200% increase from current trading levels.

It is also worth noting that I am a holder of both Bannerman and Deep Yellow and consider them both very undervalued, especially when you compare to NYSE listed peers such as UEC trading at a current valuation of USD$29/lb uranium in the ground. So the upside for Aura is definitely not capped at A$0.635, especially if the uranium price continues to move up and breaks through $100/lb.

I also think that the reason that there is such a large value disconnect currently between Aura and District Metals is because investors that want exposure to Swedish uranium development projects want pure play exposure and with Aura they are also exposed to the outcome of the upcoming FID for Tiris, so as a result they actively avoid Aura for Swedish uranium exposure and pay a large premium to get the pure play exposure via District Metals.

By splitting our assets into separate vehicles, investors will then be able to invest in SIU Metals as a pure play Swedish uranium development story and get the resulting valuation that Häggån should be given by the market, which will be a big unlock for Aura as a company going forward.

Huge value unlock here for the company and I am a very happy shareholder seeing today's news.

Here is why the news is so good for the company:

Very little value is currently being attributed to Häggån in Aura's valuation, meanwhile we our Swedish uranium peer District Metals has a C$201m (A$213m) valuation based off Swedish uranium assets that are less further progressed in terms of delineation and technical studies vs Häggån.

By spinning out the Häggån assets from Aura, we will then own 78.7% of the TSX listed vehicle that at C$50m will be trading at 25% of the value of District Metals and I wouldn't be surprised to see this vehicle (SIU Metals) significantly re-rate from the current valuation of C$50m when listed. I wouldn't be surprised to see it trade at C$200m because that is how the market is currently valuing District Metals.

At a C$200m valuation for SIU Metals, this would leave Aura with 78.7% of C$200m, of which Aura's stake is C$157m (A$166) and when you consider the current mcap of Aura at A$192m, that would only attribute $A26m in value to Tiris, which is frankly ridiculous and we would see a substantial re-rate to value Tiris at current market rates for a FID ready DFS project of scale and reasonable AISC (~USD$2-4/lb).

This deal add huge optionality for Aura to retain it's interest in the listed Häggån vehicle or alternatively, when a reasonable valuation has been reached, start to sell down portions of SIU Metals (listed Häggån vehicle) to fund the development of Tiris.

Very strong move to unlock value for the company going forward.

Shorts increased a decent amount yesterday

Some pretty sizeable short covering reported yesterday at a reduction of 0.69% short interest.

With another close above NAV for Yellow Cake, I wouldn't be at all surpised to see the Kazak uranium option executed this week and I will be interested to see how much of the short positions choose to close during the capital raise. Also if we do raise it will be interesting to see how much they raise considering YCA has a decent cash position currently.

With the term price having moved up ~8% in the last 6 month, uranium spot price and Yellow Cake feels like a coiled spring after the last 2 years of correction and consolidation following the highs of Jan/Feb 2024

Happy with the pullbacks to accumulate a few more sub 8p shares

Nice to see spot price moving up today to $82.5 (mid-price).

I think that if we can break through resistance this time at $84 spot that we have a good chance of running into three digit territory where things get exciting.

Having term price breaking out of its $80-$81.50 range should also support a nice breakout in spot prices.

With the recent price action and the $55m raise from SPUT yesterday it will be interesting to keep an eye on the short interest in the coming days/weeks.

This recent interview with Grant Isaac from Cameco is a much watch for any uranium investor.

Grant's comments about "You Can't Burn a Press Release in a Reactor Core" really hit home when you see so many juniors over promising supply to drive their share price, while the actual reality of uranium production is missing across the board.

Look at UEC the market darling in the space, a $6.5b company up over 200% in the last 6 months with 12.mlbs of licensed capacity, how much have they produced in 2025? 130k lbs...

Mining is hard. Spreadsheets and shiny presentations look good on paper, but the rubber hits the road when these companies have to start to deliver real production lbs into the market.

Link: https://wsw.com/webcast/tds4/cco-t/1663498

Smells like shorts burning...

I wouldn't be surprised to see a large up day here today.

With the placement for the purchase option now announced, there is a limited opportunity to close out shorts as there is only ~16.4m shares on offer with this placement. There will be large investor appetite competing because of the large discount to NAV of Yellow Cake at $81 spot price.

Also, the shorters will be well aware that the upcoming rebalance of URNM will require price indiscriminate buying of ~2.9m shares in Yellow Cake.

Another solid day for Aura over on the ASX closing at A$0.27, the equivalent of £0.132 over on the LSE.

YCA have done really well here to execute their Kazatomprom option at a uranium price of US$75.08/lb, that is a substantial discount to current spot and even larger of a discount when you consider that SPUT have $117.6m in cash ready to buy ~1mlbs of uranium this week.

It will be interesting now to see what proportion of the raising will be allocated to investors vs shorters because the larger the uptake from investors, the less shares will be available for the shorters to close their positions off market.

Interesting to think that the 5.56% short position represents ~12m shares in Yellow Cake and with uranium at $77.5/lb the NAV of Yellow Cake is at ~£5.8/share. These ~12m shares are valued at £69.6m or $93.8m, which is just shy of the cash needed to execute the full $100m Kazatomprom option.

Every increase in the uranium spot price from here is going to drive Yellow Cake's NAV higher and reduce the number of shares available in the $100m raise for the Kazatomprom option and make it more difficult for the shorts to close their position off market.